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Compare Once Sian in to your Buy Word Untitled docum Ne state an mapter 5 and 6 Time Left:1:07:58 Jahlil Garvin: Attempt 1 Question 23
Compare Once Sian in to your Buy Word Untitled docum Ne state an mapter 5 and 6 Time Left:1:07:58 Jahlil Garvin: Attempt 1 Question 23 (15 points) Prepare journal entries to record each of the merchandising transactions assuming that the buyer uses the PERIODIC INVENTORY SYSTEM. a) July 2nd, Purchased $4,600 of merchandise from Safari Inc. with credit terms of 2/15, n/60. invoice dated April 2, and FOB shipping point. b) July 3rd, Paid $300 cash for shipping charges on the July 2 purchase. c) July 4th, Returned to Safari Inc, unacceptable merchandise that had an invoice price of $600 d) July 17th, sent a check to Safari Inc. for the July 2nd purchase net of the discount and the returned merchandise. e) July 18, purchased $8,500 of merchandise from Kilimo LLC with creidt terms of 1/10,n/30, invoice dated July 18, and FOB destination. f) July 21st, After negotiations, received from Kilimo a $500 allowance towards the $8,500 owed on the July 18 purchase. g) July 28, Sent Check to Kilimo paying for the July 18 purchase, net of the allowance and discount. Paragraph MacBook Air
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